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Computed tomography (CT) scans provide detailed images of the inside of the body and are helpful in early diagnosis of various medical conditions. CT scans have several advantages over conventional X-rays as they use specialized X-ray equipment to produce cross-sectional images of the body and can show the different soft tissues of the body with great clarity. This provides the physician with a multidimensional view of organs and other internal structures hidden deep inside the body.
The global Computed Tomography Market is estimated to be valued at US$ 7.9 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The key driving factor for the growth of the computed tomography market includes increasing adoption of advanced medical imaging technologies. CT scans provide highly detailed images of soft tissues, bones, organs, and blood vessels. Technological advancements have made CT scans capable of uncovering even the subtlest of anatomical details. For instance, now CT scans can detect blood clots or aneurysms, spots on the lung, lesions in the liver as small as a millimeter in diameter, and even coronary arterial calcification which indicates risk of heart attack. Continuous developments are expanding the range of applications of CT scans and increasing their adoption across various medical disciplines including oncology, neurology, cardiology, and musculoskeletal. This widespread use of CT scans for diagnosis, staging, therapy evaluation, follow-up and research is fueling the growth of the global computed tomography market.
SWOT Analysis
Strength: Computed tomography provides non-invasive scanning technology and excellent image quality. It enables early diagnosis of diseases.
Weakness: High costs involved in setting up CT scanning facilities. Exposure to radiation can be a health risk if frequent scans are done.
Opportunity: Growing prevalence of chronic diseases like cancer is leading to greater demand for advanced diagnostic tools like CT. Rapid technological advancements are making CT scanners increasingly affordable and portable.
Threats: Stringent regulations around radiation safety. Economic slowdowns can reduce healthcare spending on expensive medical equipment.
Key Takeaways
The global computed tomography market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 7.9 billion in 2023 and reflecting a CAGR of 6.5%.
Regional analysis:
North America currently dominates the global CT market, driven by high healthcare spending and rapid adoption of new technologies. Asia Pacific is expected to be the fastest growing regional market supported by increasing healthcare infrastructure, growing medical tourism industry and large patient pools in major countries like China and India.
Key players:
Key players operating in the computed tomography market are GE Healthcare, Koninklijke Philips N.V., NeuroLogica Corporation, Neusoft Medical Systems Co. Ltd., Hologic, Carestream Health, Toshiba, Analogic, Arineta Ltd., Eaton, Siemens Healthineers AG, FUJIFIM Corporation, Kromek, Shanghai United Imaging Healthcare Co., Ltd., Lumafield, Xoran Technologies and Koning Corporation. The market remains highly competitive with large players continuously investing in R&D to introduce advanced product features and capabilities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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